Closing multiple accounts

magpies79

Yeah I’m in a similar situation with a Vanquis card I just closed a month or so back but the apr was like 60% but was my first credit card over 8 years but with a apr like.

If something ever happened and I couldn’t pay the balance in full you can quickly become in a whole world of hurt so was best to close it.

Hitsville22

magpies79 said:

If something ever happened and I couldn’t pay the balance in full you can quickly become in a whole world of hurt so was best to close it.

Yeah my end goal is to just get down to one card with a decent credit limit and a good APR. 

Whilst my credit rating was in the toilet Nat West (never had an account with them) surprised me by giving me £7600 on a 0% balance transfer card for 23 months. I’m down to £4300 on that and due to other changes in circumstances am paying that at around £600- £800 a month so that will paid by spring next year. 

I also have an MBNA card at around 25-26% (which is around the same rate as the Nat West card after the 0% ends)
However, recently whilst looking for something with a lower APR I managed to get both a Lloyds and a Bank of Scotland card and they’re both around the 15-16% APR mark. So probably although I have paid everything off except the outstanding Nat West balance and am more or less now able to pay cash for day to day stuff, I will use the Lloyds or BoS cards for food shopping and pay off the statement balance each month and as the credit limit (hopefullly) increases shut down the MBNA card (and Nat West when paid off.) 

My aim is for a maximum of two low APR cards and probably even two is overkill. 

Nasqueron

Only having 1 isn't a great idea as a card can be blocked or not accepted, having 2 of 3 of Visa, Mastercard and/or Amex is useful

APR is meaningless provided you pay your card off in full every month